EV adoption, premium rate increases, and technology-enabled underwriting are expected to support expansion in the segment through the second half of the decade.
Factors seen to drive the industry's 2026-2030 growth include digital enablement, insurtech investment, AI-driven service models, and expanded telehealth and mental health benefits.
The expansion is fueled by several factors, including elevated claims, medical inflation, an ageing population, and ongoing infrastructure investments.
This focus on catastrophe risk is also expected to fuel market expansion, with GWP forecast to grow at a CAGR of 11.5% through 2030 amid rising losses.
Industry expected to reach US$3.3bn by 2030 as vehicle sales surge, but insurers face mounting claims costs from natural disasters and increased traffic incidents.
